Central Hudson Promotes Another Huge Price Decrease For New York
Central Hudson believes your massive bills are about to drastically drop.
May Electric Supply Price Declines by 55 Percent
On Monday, Central Hudson announced the company's residential price for electric supply has declined significantly from 13.6 cents per kilowatt-hour (kWh) in April to 6.12 cents per kWh, effective May 11.
"This represents a decrease of approximately 55 percent relative to the April supply price. As previously announced, natural gas prices also fell from 97.1 cents per hundred-cubic-feet (ccf) in April to 64 cents per ccf in May, effective May 1, largely attributable to efforts made by Central Hudson to mitigate bill impacts that result from energy market price volatility which would have resulted in an increase in natural gas prices. Supply prices stated on bills and overall bill impacts will vary for individual customers depending on their billing cycle and energy usage," Central Hudson said in a press release.
Central Hudson Takes Measures to Provide Natural Gas Supply Price Relief
Last week, Central Hudson announced a 34 percent decrease in natural gas because the supply price for natural gas fell 64 cents per 100 cubic feet (ccf), down from 97 cents per ccf in April.
"Central Hudson purchases electricity and natural gas on behalf of full-service customers on the energy market and does not mark up the price of energy supply. The utility hedges energy purchases to dampen market volatility, however, market forces continuously drive changes in energy prices," Central Hudson stated in a Monday press release.
Sadly, Central Hudson warns prices may rise again this summer.
Regional and global factors continue to create volatility within the energy markets, officials say.
"This coupled with the potential of increased demand during the summer could have an impact on electric supply prices in the coming months," Central Hudson added. "Recent natural gas futures on the New York Mercantile Exchange (NYMEX) also continue to show elevated prices through next winter. NYMEX futures can be used as a tool to help forecast future natural gas prices, which also has an impact on electricity prices as gas is an important resource for electric generation. Higher prices are attributed to a recovering economy, energy supply constraints, strong energy demands and global events."
The prices for other utility bill components, including taxes and delivery charges, are regulated by the State of New York and are stable. Utility bills reflect both the price of energy and usage.
In Mid-April Central Hudson warned regional and global market forces continued to cause electricity and natural gas prices to increase in April.
Higher prices were attributed to a recovering economy, energy supply constraints, strong energy demands, and global events, according to Central Hudson.
Central Hudson provided the following photos on electric and natural gas supply prices to try and explain rising costs.
In February, Hudson Valley Post reported Central Hudson warned customers their bills are going to increase.
Central Hudson warned bills for natural gas will increase by about 19 percent, electric bills will increase by 46 percent, and about 29 percent for combination electric and natural gas bills.
Central Hudson said the increase is due to increases in supply prices for both electricity and natural gas as the region navigates a colder than average winter and as global energy factors come into play, prompting an increase in the demand and price for energy.
Supply prices are market-based and not marked up by Central Hudson, officials say.
One Dutchess County resident sent us her bill where she owned over $17,000 for one month.
"These bill increases are temporary and may vary for individual customers depending on energy usage and their billing cycle," Central Hudson said in February.
However, Central Hudson later said, "higher costs will be sustained through much of 2022."